Fintech

  • April 01, 2024

    Indicted Crypto Whiz Says Software Development Not A Crime

    The founder of the Tornado Cash cryptocurrency exchange told a Manhattan federal judge that the government had wrongly charged him with scheming to launder money and dodge sanctions, saying that the only agreement he'd made with others was to build legal, open-source software.

  • April 01, 2024

    PE Firm Advent Buying Canada's Nuvei In $6.3B Deal

    Canadian fintech Nuvei Corp. said Monday it has agreed to be taken private by Advent International through an all-cash transaction that values Nuvei at approximately $6.3 billion, including debt.

  • March 29, 2024

    PayPal Gets CFPB's Fee Disclosure Rule Cut Down Again

    A Washington, D.C., federal judge on Friday again sided with payment-processing giant PayPal in striking down attempts by the Consumer Financial Protection Bureau to hold digital wallets to certain disclosure and waiting-period rules that apply to physical prepaid payment cards.

  • March 29, 2024

    Hogan Lovells Vet's High Court Debut A Study In Contrasts

    Several weeks ago, when a Hogan Lovells lawyer finally delivered U.S. Supreme Court arguments after 20 years at the firm, she parsed arcane arbitration issues and her words weren't widely heard outside the courtroom. But weeks later and back at the high court podium, her words were heard nationwide when she pointedly spotlighted a judge's use of "anonymous blog posts" in a bombshell abortion ruling.

  • March 29, 2024

    5th Circ. Stays CFPB Late-Fee Rule Suit's Move To DC

    Bank industry groups challenging the Consumer Financial Protection Bureau's $8 credit card late fee standard have been granted a short-term Fifth Circuit stay of a Texas federal judge's move to send their lawsuit across the country to D.C. federal court.

  • March 29, 2024

    BitTorrent Owner Says SEC Is Overreaching Its Authority

    The owner of file sharing platform BitTorrent asked a Manhattan federal judge to toss the U.S. Securities and Exchange Commission's lawsuit alleging the fraudulent and unregistered sale of a pair of crypto tokens, saying the agency is trying to extend U.S. securities laws to foreign entities.

  • March 29, 2024

    What's Next On Courts' Crypto Docket After Bankman-Fried

    The 25-year prison sentence for FTX founder Sam Bankman-Fried left the crypto industry one step closer to putting the fallout of "crypto winter" behind it, but there are still other cases with broad implications for the industry set to take over Manhattan courtrooms soon.

  • March 29, 2024

    CFPB Probe Of Utah Lender Put On Ice For High Court Ruling

    A small-dollar lender can hold off on responding to the Consumer Financial Protection Bureau until the U.S. Supreme Court rules on a pending constitutional challenge to the agency, a Utah federal magistrate judge has decided.

  • March 29, 2024

    Up Next After Bankman-Fried Sentencing: FTX Cooperators

    Now that FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for an $11 billion fraud on the collapsed crypto exchange, it's time for the three top lieutenants who testified against him at trial to face their own judgments — and experts say the cooperators are well positioned to avoid jail time.

  • March 29, 2024

    Tenant Screener To Pay $2.2M Over Race Bias Claims

    A tenant screening company has reached a settlement in Massachusetts federal court to end claims brought by a class of housing applicants who alleged its practices disproportionately exclude Black and Hispanic renters.

  • March 28, 2024

    CFPB Scores Win As Banks' Late Fee Rule Lawsuit Sent To DC

    A Texas federal judge ruled Thursday that the U.S. Chamber of Commerce and other trade groups suing to block the Consumer Financial Protection Bureau's $8 credit card late-fee standard must take their case to D.C. federal court, granting the agency's bid to fight the challenge on its home turf.

  • March 28, 2024

    Judge Doubts NBA NFT Licensors Belong In Meta Privacy Suit

    The developer of non-fungible token marketplace NBA Top Shot must face a proposed class action claiming it violated state and federal laws aimed at protecting video consumers, with the National Basketball Players Association and NBA Properties Inc., which handles the NBA's merchandising and licensing, escaping the suit for now.

  • March 28, 2024

    FTX Investors To Settle With Ex-Execs, Crypto Promoters

    Investors who launched a multidistrict litigation over cryptocurrency exchange FTX's collapse have reached a set of settlements with the former inner circle of founder Sam Bankman-Fried as well as seven promoters who, together, have agreed to pay over $1.3 million to resolve claims that they boosted a massive fraud scheme at the company.

  • March 28, 2024

    Feds Say Ex-OneCoin Atty Should Serve 'Substantial' Time

    Manhattan federal prosecutors have requested a "substantial" amount of prison time for a Bulgarian woman who worked on the legal team at the fraudulent OneCoin cryptocurrency exchange, but said the sentence should fall below the guidelines range of 10 years.

  • March 28, 2024

    SEC Settles Suit For Docs Over Potential Crypto Conflicts

    The U.S. Securities and Exchange Commission and government watchdog Empower Oversight have agreed to end a suit that sought to force the regulator to hand over documents the watchdog claimed may provide insight into potential conflicts of interest affecting the SEC's digital asset dealings.

  • March 28, 2024

    FinCEN Eyes Relaxing Bank Duties For Customer ID Numbers

    The U.S. Treasury Department's anti-financial crimes unit moved Thursday to revisit a long-standing requirement for banks to collect full Social Security numbers from people at account sign-up, saying it is looking at possibly relaxing this identity verification measure amid fintech calls for more flexibility.

  • March 28, 2024

    4 Takeaways As Hollywood Asks For AI Deepfakes Laws

    Deepfakes have ceased to live solely in the world of science fiction, and their proliferation has already presented disturbing examples of a distorted reality — from phony robocalls by politicians to bogus celebrity nudes.

  • March 28, 2024

    Film Producer, 2 Cos. To Pay SEC $3.5M In ICO Scheme

    A Georgia federal judge on Thursday signed off on a $3.5 million penalty levied by the U.S. Securities and Exchange Commission against two failed cryptocurrency ventures and the Atlanta film producer who promoted them through a pump-and-dump scheme.

  • March 28, 2024

    Steptoe Taps McDermott's Fintech Head To Be NY Partner

    A longtime partner at McDermott Will & Emery LLP who led the firm's fintech and blockchain transactions practice has joined Steptoe LLP in New York, where she will focus her practice on blockchain, crypto, derivatives and fintech.

  • March 28, 2024

    Bankman-Fried Gets 25 Years For 'Very Bad Bet' Of FTX Fraud

    FTX founder Sam Bankman-Fried was sentenced Thursday to 25 years in prison for stealing more than $11 billion from customers, investors and lenders of his now-collapsed cryptocurrency empire, with a Manhattan federal judge saying the infamous risk-taker "made a very bad bet about the likelihood of getting caught."

  • March 27, 2024

    9th Circ. Revives Claims Against Apple In Crypto Theft Row

    The Ninth Circuit on Wednesday partially reinstated a putative class action accusing Apple of misrepresenting the safety of its App Store after users' cryptocurrency was stolen from an app, finding that while a federal tech immunity law shielded Apple from an array of fraud and wiretapping claims, three consumer protection claims could move forward. 

  • March 27, 2024

    Amazon Can't Block DSA Ad Repository Requirements

    A European court reversed a ruling temporarily exempting Amazon from a set of regulations for large digital platforms, ruling Wednesday that — like Apple's App Store, Facebook and Instagram — Amazon will have to maintain a publicly available repository of advertising information, as mandated by the European Union's 2022 Digital Services Act.

  • March 27, 2024

    Video Streamer Escapes Crypto Token Holder's Fraud Suit

    A New York federal judge has permanently tossed a suit accusing video streaming service Open Props Inc. and its executives of misrepresenting to investors that it would become a decentralized blockchain network following the sale of its native cryptocurrency tokens.

  • March 27, 2024

    Texas Appeals Court Nixes Injunction In Bitcoin Mining Dispute

    A Texas state appeals court chucked a temporary injunction Wednesday that would have forced a property owner to keep providing electricity and access to a bitcoin mining company, ruling Thursday that the injunction was lacking in specifics and insufficient under Texas law.

  • March 27, 2024

    CFPB Flags False Advertising Risk For Money Transfer Firms

    The Consumer Financial Protection Bureau on Wednesday cautioned international money transfer providers about how they market themselves, saying advertising services as "free" when customers are still required to pay additional fees for converting or delivering funds may violate federal law.

Expert Analysis

  • Implications For Digital Assets After SEC Settlement With DAO

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    The U.S. Securities and Exchange Commission's December settlement with BarnBridge — finding that the decentralized autonomous organization's products were securities under federal law — foreshadows increased enforcement attention on digital assets, and reveals arguments the SEC may use in similar disputes with decentralized finance protocols, say attorneys at K&L Gates.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

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    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • Bitcoin ETF Approval Doesn't Mean SEC Approves Of Crypto

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    While the U.S. Securities and Exchange Commission's approval last month of 11 applications for spot exchange-traded funds tracking bitcoin is a landmark moment for the crypto-asset industry, investors who are hopeful that the SEC will approve similar crypto-based ETFs may be disappointed, says attorneys at Mintz.

  • How Proposed Bipartisan Bill Would Reform Bank Exams

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    If the Fair Audits and Inspections for Regulators’ Exams Act, which was recently introduced by a bipartisan group of senators, were to be enacted, it would particularly benefit small lenders and bank-fintech partnerships by promoting transparency, appellate rights and examiner accountability, say attorneys at Latham.

  • Crypto Issues To Watch Amid Evolving Legal Landscape

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    This year will likely be a momentous one for crypto in the U.S., but whether it is successful or disastrous will depend on the outcome of high-profile court decisions and key regulatory actions, say attorneys at Venable.

  • FTC AI Inquiry Signals Intensified Focus On Emerging Tech

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    The Federal Trade Commission's recent inquiry into investments and partnerships between Big Tech companies and artificial intelligence startups appears to be directed at guiding future enforcement decisions in competition, privacy and consumer protection — and three principles discussed at a related tech summit give insight on the agency's approach, say attorneys at Skadden.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • Series

    ESG Around The World: Brazil

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    Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.

  • Series

    Competing In Dressage Makes Me A Better Lawyer

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    My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.

  • What Financial Cos. Must Know For Handling T+1 Settlements

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    The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.

  • Breaking Down FDIC's New Advertising And Signage Rule

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    The Federal Deposit Insurance Corp.’s final rule on signage and advertising, coming on the heels of a campaign against nonbank businesses purporting to offer FDIC-insured deposit products, introduces important new requirements and clarifies existing regulations for both traditional depository institutions and novel digital platforms, say attorneys at Venable.

  • The Double-Edged Sword Of Biometrics In Financial Services

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    Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.

  • As Promised, IRS Is Coming For Crypto Tax Evaders

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    The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.

  • 5 Reasons Associates Shouldn't Take A Job Just For Money

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    As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.

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